Pantera CEO: Now is the Time to Buy/HODL Bitcoin

Pantera Capital’s Bitcoin Fund has returned over 79,400% in seven years and has returned billions of dollars to its investors. Pantera currently manages over $4.8 billion in capital.

article-image

Dan Morehead, CEO, Pantera Capital

share

key takeaways

  • Bitcoin has only been this ‘cheap’ relative to its trend 20.3% of the past 11 years, according to Pantera Capital CEO Dan Morehead
  • “Bitcoin’s still well below its ten-year compound annual growth trend. It’s not like we’re in overpriced territory or it’s a bubble,” he said.

Based on the idea that human nature is pro-cyclical, market participants should “go against the urge” to sell and instead buy bitcoin while the market is below trend, said Dan Morehead, Pantera Capital CEO and co-chief investment officer. 

Pantera Capital’s Bitcoin Fund has returned over 79,400% in seven years and has returned billions of dollars to its investors. Pantera currently manages over $4.8 billion in capital.

“Resist the urge to close down positions. If you have the emotional and financial resources, go the other way,” he said in his June investor letter

The reason why? Well, “bitcoin has only been this ‘cheap’ relative to its trend 20.3% of the past 11 years,” Morehead said in a tweet. 

Loading Tweet..

Although a recent peak went over trend value for 2021, in general, bitcoin is “far under trend valuation” and currently is trading 35% below its 11-year exponential trend, he said. 

And in times like these, it’s best for new investors to buy when the market is below trend, according to Morehead. 

Trends are just starting, Morehead said 

In the latest letter to investors, he said a convergence of elements has caused the blockchain markets to drop sharply but “the volatility has presented a very compelling opportunity.” 

Elements like China’s ban on cryptocurrency (for a third time), Tax Day and Elon Musk’s tweets have factored into the recent market drops, he said. 

“When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions,” Musk said in a tweet on June 13. 

Tax Day can have a significant impact on crypto prices as some people buy as much bitcoin they can, only to find out they owe some of their gains in taxes so prices fall leading up to Tax Day as some people pay their tax bills with crypto, Morehead said. 

“Bitcoin’s still well below its ten-year compound annual growth trend. It’s not like we’re in overpriced territory or it’s a bubble. All these major firms and the Wall Street wealth platforms have now allowed their clients to buy Bitcoin. Big corporations, many of whom are not called Tesla Motors or Elon Musk, are buying Bitcoin. Those trends are just starting and this is a multi-decade disruption. I think we have a long way to go here,” Morehead said in an interview with Bloomberg News.  

Tags

Upcoming Events

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.jpg

Research

Bluefin possibly stands at an inflection point. The token is near an all-time low yet the protocol’s spot volume market share and derivatives exchange usage have been increasing month over month since its November launch. Given its current market position and the upcoming upgrades (for both Bluefin and SUI), there may be upside potential before the increased supply growth in December. However, strong opposition from existing competitors (like Cetus and Suilend), as well as new entrants (like Aftermath), pose key challenges to Bluefin’s medium-term success.

article-image

Top Committee Democrat Sen. Elizabeth Warren in her opening statement accused Atkins of “helping billionaire CEOs like Sam Bankman-Fried”

article-image

Introducing garbled circuits for enhanced privacy and regulatory compliance

article-image

Ross Ulbricht was a freedom maximalist building freedom tech, powered by Bitcoin

article-image

Solana validators can reap benefits including payments, votes and community clout

article-image

Sponsored

WalletConnect is cementing itself as the essential connectivity layer, ensuring wallets remain the entry point for billions of users

article-image

According to a legal filing, Galaxy Digital helped boost the price of LUNA while quietly selling its tokens